Albany International (NYSE:AIN) Cut to Hold at StockNews.com

StockNews.com downgraded shares of Albany International (NYSE:AIN) from a buy rating to a hold rating in a report released on Wednesday morning.

A number of other equities analysts also recently issued reports on AIN. Truist Financial cut their price objective on shares of Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a report on Friday, November 1st. TD Cowen reduced their price objective on shares of Albany International from $95.00 to $81.00 and set a “buy” rating for the company in a research report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Albany International has a consensus rating of “Hold” and a consensus price target of $85.50.

Albany International Trading Down 0.5 %

AIN opened at $80.09 on Wednesday. Albany International has a fifty-two week low of $67.39 and a fifty-two week high of $99.41. The firm has a market capitalization of $2.51 billion, a PE ratio of 25.03, a P/E/G ratio of 2.66 and a beta of 1.29. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.68 and a quick ratio of 2.94. The company’s 50-day moving average is $79.06 and its 200 day moving average is $84.66.

Albany International (NYSE:AIN) last posted its earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.35. The company had revenue of $298.40 million for the quarter, compared to analyst estimates of $304.51 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the company earned $1.02 earnings per share. As a group, research analysts predict that Albany International will post 3.2 earnings per share for the current fiscal year.

Albany International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Tuesday, September 3rd were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $1.04 annualized dividend and a yield of 1.30%. Albany International’s payout ratio is currently 32.50%.

Insiders Place Their Bets

In related news, VP Joseph M. Gaug purchased 1,000 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were bought at an average price of $71.24 per share, with a total value of $71,240.00. Following the acquisition, the vice president now owns 6,811 shares of the company’s stock, valued at $485,215.64. This trade represents a 17.21 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gunnar Kleveland acquired 1,400 shares of Albany International stock in a transaction on Tuesday, November 5th. The shares were purchased at an average cost of $71.25 per share, with a total value of $99,750.00. Following the completion of the acquisition, the chief executive officer now owns 8,284 shares of the company’s stock, valued at $590,235. This trade represents a 20.34 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 3,450 shares of company stock valued at $245,813. Company insiders own 0.76% of the company’s stock.

Institutional Investors Weigh In On Albany International

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Albany International by 0.3% in the first quarter. Vanguard Group Inc. now owns 3,529,478 shares of the textile maker’s stock valued at $330,041,000 after purchasing an additional 11,052 shares during the period. Earnest Partners LLC lifted its position in shares of Albany International by 2.1% during the second quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock worth $218,961,000 after acquiring an additional 53,743 shares in the last quarter. State Street Corp boosted its holdings in shares of Albany International by 3.1% in the third quarter. State Street Corp now owns 1,218,058 shares of the textile maker’s stock worth $108,544,000 after acquiring an additional 36,944 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Albany International by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock valued at $92,192,000 after purchasing an additional 52,909 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Albany International by 24.0% during the 3rd quarter. Victory Capital Management Inc. now owns 847,829 shares of the textile maker’s stock valued at $75,330,000 after purchasing an additional 163,934 shares during the period. 97.37% of the stock is owned by hedge funds and other institutional investors.

About Albany International

Albany International Corp., together with its subsidiaries, engages in the machine clothing and engineered composites businesses. The company operates in two segments, Machine Clothing (MC) and Albany Engineered Composites (AEC). The MC segment designs, manufactures, and markets paper machine clothing for use in the manufacturing of papers, paperboards, tissues, towels, pulps, nonwovens, building products, tannery, and textiles, as well as fiber cement and several other industrial applications.